TEMPE, Ariz., May 15, 2020 /PRNewswire/ -- On May 15, 2020, Steven White (the "Acquiror"), CEO of Harvest Health & Recreation Inc.( the "Issuer"), located at 1155 W. Rio Salado Parkway, Suite 201, Tempe, AZ 85281, announced today that the Acquiror, together with his joint actors, acquired beneficial ownership or control or direction over an additional 1,000,000 Super Voting Shares, which represent 50% of the Class, from Jason Vedadi, and his joint actors, in exchange for the 10,200 Multiple Voting Shares, which represent 0.4% of the Class.
Each Super Voting Share is entitled to 200 votes per share and is convertible into one Subordinate Voting Share and each Multiple Voting Share is entitled to 100 votes per share and is convertible into 100 Subordinate Voting Shares.
Immediately prior to the exchange, the Acquiror and his joint actors owned or controlled 1,000,000 Super Voting Shares (representing 50% of the class), 220,404 Multiple Voting Shares (representing 8.9% of the class). In addition, the Acquiror holds 2,500,000 options to acquire Subordinate Voting Shares, of which 625,000 are vested and was deemed to own 23,665,400 Subordinate Voting Shares (17.1% of the class, on a partially diluted basis), by virtue of his ownership of the foregoing convertible securities. Immediately following the exchange, the Acquiror and his joint actors own or control 2,000,000 Super Voting Shares (representing 100% of the class) and 210,204 Multiple Voting Shares (representing 8.5% of the class) and are deemed to own 23,645,400 Subordinate Voting Shares (representing 17.1% of the class, on a partially diluted basis).
The deemed value of the Multiple Voting Shares, based on a valuation report prepared by an independent firm, was US$109.06 per share (C$153.67), or US$1,112,400 (C$1,567,371.60) in the aggregate. The deemed value of the Super Voting Shares was US$1.11 (C$1.56) per share, or US$1,112,400 (C$1,567,371.60) in the aggregate. All US currencies have been converted based on the daily exchange rate published by the Bank of Canada on May 14, 2020 of US$1.00 = C$1.4090.
For further information, please contact Investor Relations, Harvest Health & Recreation Inc., [email protected], Phone: 480-382-6110.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of this report may be obtained by contacting Investor Relations, Harvest Health & Recreation Inc., [email protected], Phone: 480-382-6110.
SOURCE Harvest Health & Recreation Inc.